Remitly, the Seattle-based money transfer company is a strong contender in the fierce startup race in the money transfer industry. So far, Remitly has raised a total of $420M in funding with the latest one being $135M in 2019. From how to send money through Remitly to why we bring our Spotlight on Remitly.
Different money transfer companies focus on different competitive advantages, Remitly’s mission to leverage technology to solve the global challenge of high cost and the lack of transparency has inspired many human stories. The marketing campaign to humanize remittance called #WhyISend by Remitly was even nominated for Shorty Social Good Awards. A global program awarding brands, agencies, and organizations who have made positive impacts on society.
How to send money through Remitly?
You can send money through Remitly from anywhere with an internet connection through a mobile app or their website. Follow these simple steps:
- Create an account with the sender’s details
- Select the destination country and the amount you are sending
- Enter the recipient’s details
- Choose a payment method
- Click “Send Money” and your money is on its way.
Why send money through Remitly?
Money transfer service providers make money through fees or exchange rate arbitrage. If the Real Estate business is about “Location, location, location,” the Money transfer business is all about rates, fees, and speed. When you compare Remitly to other money transfer service providers in the industry, make sure you are looking out for those factors.
Here is why you should send money through Remitly:
- Speed - You have two options to choose from in terms of transfer speed.
- Economy: It may take up to 3-5 business days for the transfer to reach the recipient. But senders can enjoy a much higher exchange rate for a lower transfer fee.
- Express: While in express option, the money will reach the recipient within the first few hours after the transfer is made. Transfers from the United States to India are available within 4 banking hours. However, you have a lower exchange rate and in some cases, it attracts a higher transaction fee than the economy option.
- Rates - Remitly exchange rates are very competitive in the market. The rates are updated daily to stay consistent with market fluctuations. If you are sending money using Remitly, make sure you check out the rates before sending money.
- Fees - Depending on your choice of payment and receiving option, you can attract higher fees. For example, if you are sending money through Remitly’s Express service using a credit card. However, when you send $1001 and above, the fees will be waived in most cases. Check out offers and promotions
- Customer Service - Their customer service support is available in five different languages such as English, French, Spanish, Filipino, and Vietnamese. For English speakers, customer support is available 24/7, all year-round through a phone call, chat or email.
Different Ways of Sending Money Through Remitly
There are multiple ways of sending and receiving money through Remitly. Your payment for the money transfer can be made from your bank account, debit, or credit card. Your recipient has the option to receive the money whether in their bank account or cash pickup at one of their locations. They also have the money home delivered to your recipients in a few select countries.
Limitations of sending Money Through Remitly
Certain payment methods like credit card payments can attract higher fees. Here is what you need to know before sending money through a credit card. In addition, Remitly has lower transfer limits compared to other competitors depending on your tier you have been allocated as per their approval process. In any case, make sure you compare the limits, rates, and fees on CompareRemit to get an idea before remitting your hard-earned money.
If you are looking to send a large sum of money, check out our blog on The Best Way To Remit Large Amount Of Money.
Remitly around the world
Currently, Remitly provides money transfer services to over 40 countries around the world. Following are the services provided by Remitly, continent wise -
- Send money directly to India bank accounts such as Bank of Baroda, Punjab National Bank, Citi Bank, State Bank of India, Axis Bank, HDFC, and ICICI Bank.
- Send money directly to a bank account or instantly to any of the 13,500+ cash pickup locations in the Philippines, Vietnam, Indonesia, China, South Korea, Nepal, Pakistan, Malaysia, and Thailand.
- Send money directly to your recipient’s doorstep with Home Delivery through Sacombank in Vietnam.
- Send money to mobile wallets in Bangladesh, Indonesia, Nepal, Sri Lanka, and the Philippines
- Send money directly to bank accounts or instantly to over 12,500 cash pickup locations in Poland, Turkey, Romania, and Bulgaria.
- Send money directly to a bank account in Croatia, Hungary, and the Czech Republic.
Latin America & The Caribbean
- Send money directly to a bank account or instantly to 57,000+ cash pickup locations in Mexico, Guatemala, Costa Rica, El Salvador, Ecuador, Honduras, Nicaragua and Panama, Argentina, Bolivia, Brazil, Chile, Uruguay, Colombia, Paraguay, Peru, Haiti, Jamaica, and the Dominican Republic.
- In Mexico, you can send money to over 25,000 cash pickup locations in Mexico including Bancomer, Elektra, BanCoppel, Bansefi, and many more or have the money delivered right to your recipient’s doorstep with Caribe Express in the Dominican Republic. Remitly was also featured in the best ways to send money to Mexico.
- Send money directly to a bank account in Kenya, Ghana, Nigeria, Rwanda, and Morocco.
- Send money instantly to over 11,500 cash pickup locations in Ethiopia, Kenya, Rwanda, Senegal, Morocco, Tunisia, South Africa, and Egypt.
- Send money instantly to mobile wallets namely M-pesa in Kenya and other major Mobile Money operators in Rwanda, Uganda, and Ghana.
Passbook: Remitly's Entry Into Neo-Banking
In the early month of February this year, Remitly has announced a new system of neobank to the world by launching Passbook. Remitly's online-only bank, Passbook will operate as a virtual with no physical office.
Remitly has been serving the immigrant population through its core service offering of providing remittances. Recognizing that there is still a huge overlap between the typical Remitly’s target customer, who is an immigrant and those living in a country like the US, who are underbanked.
For the millions of people in the US, transcending beyond the immigrant population, this means greater financial inclusion. Passbook will allow them to open and use bank accounts even if they are not under the Social Security numbers or other forms of US-originated identification
Features of the Passbook
- Zero fees for transactions, when the card is used abroad
- Zero account maintenance fees
- Zero overdraft fees
- Zero ATM fees
- Zero minimum balance.
We will have to wait and watch how the product fares in the market. Follow us on Twitter @CompareRemit for more updates.